Hosking on Monday: two shareholder votes is too many

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Here’s Warren Buffett the other day discussing the latest Coca-Cola executive
pay plan.

This is an eye-poppingly generous arrangement, which critics say could deliver
an effervescent $13 billion (yes, billion) to the management over four
years, diluting the existing shareholders by 17 per cent. Mr Buffett, a
cheerleader for shareholders across the globe, quite rightly dislikes such
an egregious confiscation of wealth from investors, but he couldn’t quite
bring himself to vote against it, merely registering his protest by
abstaining.

“I love Coke,” he explained to CNBC. “I love the management, I love the
directors. So I didn’t want to